Bentley(US:BSY)2025-05-07 20:10Revenue Growth - Total revenues for the three months ended March 31, 2025, were $370,542, representing a 9.7% increase compared to the same period in 2024[119] - Subscription revenues increased to $342,318 for the three months ended March 31, 2025, up 11.5% year-over-year[119] - Annual Recurring Revenue (ARR) reached $1,319,256 as of March 31, 2025, reflecting a constant currency ARR growth rate of 12%[119] - Revenues from the Americas increased by 8.0% to $198,975, driven by subscription revenue growth from existing accounts[128] - EMEA revenues grew by 13.0% to $107,005, primarily due to subscription revenue expansion in the United Kingdom, Africa, and the Middle East[128] - Last twelve-month recurring revenues rose by $147,017, reaching $1,272,574 in Q1 2025, driven by strong account retention and new accounts[156] - The recurring revenues dollar-based net retention rate improved to 110% in Q1 2025 from 108% in Q1 2024, indicating effective revenue growth from existing accounts[148] - Total revenues for the three months ended March 31, 2025, were $374.319 million, a 10.8% increase from $337.421 million in the same period of 2024[173] - Subscription revenues increased to $345.651 million in Q1 2025, up from $306.757 million in Q1 2024, reflecting a growth of 12.7%[173] Operating Performance - Operating income for the three months ended March 31, 2025, was $115,184, compared to $91,931 for the same period in 2024[119] - Cash flows from operations were $219,415 for the three months ended March 31, 2025, compared to $204,969 in the prior year[119] - Adjusted operating income for Q1 2025 was $143,525, up from $131,682 in Q1 2024, marking a year-over-year increase of 9.9%[169] - Operating cash flow for Q1 2025 was $219.415 million, an increase of $14.446 million compared to $204.969 million in Q1 2024[176] Expenses and Income - Research and development expenses increased to $72,450 for the three months ended March 31, 2025, up 6.0% year-over-year[137] - Total operating expenses increased by 3.1% to $189,699 for the three months ended March 31, 2025[137] - For the three months ended March 31, 2025, income before income taxes was $111,825, compared to $92,548 for the same period in 2024, representing a year-over-year increase of 20.8%[146] - The effective tax rate decreased to 18.3% in Q1 2025 from 24.0% in Q1 2024, primarily due to increased discrete tax benefits recognized[146] - The company recorded discrete tax benefits of $5,073 in Q1 2025, significantly higher than $2,138 in Q1 2024, contributing to the lower effective tax rate[146] Cash and Debt Management - Long-term debt decreased to $1.244 billion as of March 31, 2025, down from $1.388 billion at the end of 2024[180] - Cash and cash equivalents totaled $83.637 million as of March 31, 2025, compared to $64.009 million at the end of 2024[174] - The company has $1.299 billion available under the Credit Facility as of March 31, 2025[180] - Net cash used in investing activities was $3.044 million for Q1 2025, a decrease from $3.849 million in Q1 2024[176] Shareholder Returns - The company repurchased 673,898 shares for $30.014 million during the three months ended March 31, 2025, compared to 302,598 shares for $15.006 million in the same period of 2024[183] - The company paid quarterly dividends of $0.07 per share in Q1 2025, an increase from $0.06 per share in Q1 2024[186] Future Outlook - The company expects continued favorable growth in recurring revenues due to strong account retention and the addition of new accounts[154] - ARR resulting from contracts with consumption measurement durations of less than one year was 50% of total ARR in Q1 2025, up from 48% in Q1 2024[152]